Banking News

The prospect of record low savings rates continuing is forcing many savers to review how they allocate their capital in an attempt to achieve the level of returns they have previously enjoyed. Investing in the stock market inevitably involves putting your capital at risk however there is a middle ground which continues to attract increasing interest – the structured deposit. With this in mind, we take a deeper look at this savings alternative to help understand why more and more savers are starting to see their appeal. more

With the current economic environment asking savers far more questions than it gives answers, it is good to know that there are alternatives available. We take a look at one such alternative that is proving particularly popular as savers face the harsh reality that the more traditional fixed rate savings products are failing to meet their needs. more

Millions of savers are facing the harsh realisty that there is little hope of change to interest and savings rates in the coming years. However, those with Cash ISAs do have one further option to consider – the ISA transfer. We take a closer look at why this is becoming a rising trend as well as what this could mean for those looking for the potential to improve the returns from their capital. more

With so many savers joining income investors in the hunt for high yields, being able to quickly understand and compare the numerous options available has become even more important. We therefore compare two of our most popular income investments to help understand what is driving their popularity and why they might meet your income needs. more

Canny Brits go mad for Indian account

13 September 2005

So many shrewd Brits applied to Indian bank ICIC for its market-beating high-interest account that it had to be pulled off of the market.

Moneysupermarket, a leading financial search engine, were asked by the bank to remove the internet only ‘Hisave’ account from its listing as they could not keep up with demand.

Head of retail banking at ICIC, Anand Kumar, said: "We'd like to give customers the service they require so we will be suspending our marketing activities for 15 days -- two months maximum.

"After that we'll go for a big marketing campaign when all the operations are in place."

The bank was receiving 200 to 300 hundred applications a day for the account which offers a highly competitive rate of 5.4 per cent AER.

ICIC, a success story in Indian banking in the UK, with branches in London, Leicester and Manchester has emphasised that the account is still available online even though operations are being suspended to allow them to deal with the massive amount of applications.

Following its success in the UK, ICIC has teamed up with Lloyds TSB and offers customers rupee mortgages in India, even offering to find them property in Britain as part of its service.

However, some financial experts are warning that customers could get a poor service as ICIC becomes increasingly overwhelmed by applications.